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{
    "id": 914955,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/914955/?format=api",
    "text_counter": 190,
    "type": "speech",
    "speaker_name": "Molo, JP",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": {
        "id": 13435,
        "legal_name": "Francis Kuria Kimani",
        "slug": "francis-kuria-kimani"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. At the outset, I would like to congratulate Hon. Francis Waititu for bringing this amendment to the Contract Bill. This is because many Kenyans out there are suffering as a result of their hard earned money and savings being deducted by banks and financial institutions because they guaranteed them. I would like to discuss this further from an accounting point of view. The International Financial Reporting Standards (IFRS) No.9 by the International Accounting Standards Board (IABS) clearly illustrates that banks must realise the expected credit loss in their financial statements. But in the last financial year, many banks reported high and increased profits. Upon further investigations, this is mainly because the CBK allowed the banks not to use the IFRS No.9. Instead of charging expected credit loss to the Profit and Loss Account, they charged this to the Balance Sheet against the retained earnings and so the profits mushroomed."
}